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Thursday, May 10, 2012

If, like me you find it hard to resist buying the latest must have beauty products and just can't walk away from a bargain, then you may have also found yourself putting these purchases onto a credit card, with the good intentions of paying it off as soon as payday arrives.

However, when payday arrives, you end up buying those heels that you've been eyeing up instead, with those good intentions fading into the background and rolling into 'next month' and then the month after that - and suddenly that bargain lipstick that you bought may not end up quite the deal you thought when the dreaded interest rates get added on.

If this sounds all too familiar, then a 0% balance transfer may be the solution you've been looking for, since it allows you to shift your interest accruing debt to a card where you get a grace period with no interest, allowing you to decrease your debt and save some money in the process.

Barclays have 3 offers available throughout the month of May (2012) that caught my eye which allow you to transfer your current balance to their card for a small percentage fee and for durations from 15 to 22 months - and if you have a large balance to transfer, then it makes sense to go for the longest duration to get more paid off at 0%, but here's a bit more information about the deals and cards available to help you out:

Market leading 22 month 0% BT offer is now even stronger with the introduction of a brand new £30 discount on the transfer fee (for transfers over £2,500)

New 15 / 15 deal - 0% interest on both purchases and balance transfers for 15 months, an extra month improvement from the current 14 / 14 offer.

A completely new, 0% interest on all purchases for the first three months with Barclaycard Initial, a product designed for those customers who are new to credit

David Chan, chief executive of Barclaycard Consumer Europe said: “We’re very excited to be offering even better value and such a huge amount of choice to new customers; from those wanting to manage their money better, to those who are seeking to build a credit history.”

Options available include:

22 month balance transfer with £30 off the transfer fee

Those looking to manage their balances can now receive money off the transfer fee on the Barclaycard Platinum card, with which they can enjoy 22 months 0% interest on balance transfers. New customers moving over £2,500 will now receive £30 off the fee. The card comes with a variable APR of 17.9% and new cardholders will all benefit from 0% on the first three months of purchases.

15 months 0% interest on purchases and balance transfers

For new customers eager to save on summer spending and on existing balances, the Barclaycard Platinum Purchase card now comes with 0% interest on both purchases and balance transfers for 15 months. The card has a variable APR of 18.9% and balance transfers incur a fee of 2.9%.

Low fee balance transfer for 17 months

Looking to save money on your balance transfer fee? The Barclaycard Platinum Low Fee card has a market leading balance transfer fee of just 1.6% and now comes with an extended 17 months 0% interest on balance transfers, with also three months 0% interest on all purchases. The credit card has a variable APR of 18.9%.

These deals will close to applications at midnight on 31st May 2012.

I expect they're not available to people with adverse credit, so it may be worth either checking your credit file, or working out your financial history first if you think there may be something hiding away that could affect your decision, nobody likes nasty surprises! :-)

Also, whilst there is a fee involved in transferring your balance, these seem fairly low and also appear to be a one off, so I still think that these are a good option, for those that need it. I know I'd prefer to pay sub 3% once, and then enjoy 15+ months of no interest accruing to decrease my balance. Just think, the money saved in interest could go towards paying off your debt faster, or even treating yourself to an almost gult free lipstick purchase (with cash payment, hopefully)!

Obviously I'm not saying to go and get yourselves in debt, as debt is baaaad, but hopefully these card deals could help you to manage debt that you already have, and save you paying extortionate interest rates for a set period of time to allow yourself to get in a better financial position.